The Nigerian Naira took another hit in the official foreign exchange market, trading at N1,498.98 to a Dollar on Monday. The latest figures from the Central Bank of Nigeria (CBN) confirm a depreciation of N6.49, representing a 0.43 percent decline compared to Friday’s closing rate of N1,492.49. The setback comes after the Naira recorded a … Read more
The Central Bank of Nigeria (CBN) and its Monetary Policy Committee (MPC) have made strategic decisions to stabilize the naira and curb inflation, marking a pivotal shift in Nigeria’s macroeconomic management. At the 299th MPC meeting on February 19 and 20, 2025, the Committee opted to hold the Monetary Policy Rate (MPR) at 27.5%, demonstrating … Read more
The Nigerian Naira has sustained its positive momentum, appreciating to N1,595 per dollar in the parallel market on Tuesday. This marks a significant improvement from N1,610 per dollar on Monday, reflecting a N45 week-on-week (WoW) gain from N1,640 per dollar recorded last Tuesday. This steady rise in value signals a period of stability for the … Read more
The Nigerian naira showed a glimmer of resilience on Wednesday, January 22, 2025, as it recorded modest gains against the US dollar in both the official and parallel markets. This slight recovery, though small, has sparked cautious optimism among market watchers, even as the broader challenges plaguing the naira persist. Data from the FMDQ Securities … Read more